Venmo’s immense popularity has made it a hotbed for scammers seeking to illegally profit by preying on unsuspecting users through phishing, social engineering, and elaborate ruses. This article will reveal the 20 most common Venmo scams circulating today and provide key advice on how to spot fraud attempts, bolster account security, and report suspicious activities. Following essential safety tips allows Venmo users to send peer-to-peer payments securely without relinquishing money to crafty criminals.
Key Takeaways:
- Scammers exploit Venmo’s popularity and perceived safety to target victims with various fraud tactics.
- Phishing links, money flips, fake payments, and gift card demands are among the most prolific scams.
- Applying privacy settings, account security, threat reporting, and restricting apps helps users stay protected.
- Recognizing red flags allows users to react appropriately to scammer techniques and avoid being defrauded.
Most Prevalent Venmo Scams Currently Circulating
While Venmo facilitates seamless money transfers for legitimate purposes, criminals leverage the platform to perpetrate major scams including:
- Phishing Links – Malicious links pretend to be Venmo and trick users into inputting login credentials.
- Fake Customer Support Calls – Scammers pose as Venmo reps to gain remote device access.
- Cash Flipping Requests – Scammers propose multiplying your money if you send an initial “investment,” then disappear once received.
- Fake Payment Confirmations – Scammers send doctored screenshots pretending you’ve received a Venmo payment.
- Romance Scams – Fraudsters build online relationships then request emergency Venmo money.
- Rental Scams – Fake landlords request application fees/deposits via Venmo then disappear.
- Prize/Sweepstakes Scams – You’re told you won money but must send cash via Venmo for fake taxes/fees.
Protecting Yourself from Venmo Scams
While scammers are sneaky, using common sense safeguards minimizes risks:
- Never send Venmo payments to total strangers who approach you out of the blue.
- Thoroughly vet anyone requesting Venmo payment for goods/services to confirm legitimacy.
- Enable all available account security features like login PIN codes.
- Never click suspicious links – open the legitimate Venmo app yourself.
- Hang up on questionable tech support calls. Venmo does not proactively call requesting access.
Basic precautions prevent the vast majority of scams targeting Venmo users.
How to Identify Venmo Scam Attempts
Certain communications or behaviors may signal attempted scams:
- Messages riddled with spelling/grammar errors indicating foreign scammers.
- Requests to send or receive money from unknown people or accounts.
- Offers to “flip” or multiply your Venmo balance in exchange for an upfront “investment.”
- Guaranteed income opportunities requiring you to first send a Venmo payment.
- Pleas for personal details like your social security number or online account logins.
- Notifications that you won unlikely sweepstakes/prizes and must pay taxes/fees via Venmo.
- Aggressive insistence on quick action or limited time offers to get your money faster.
Go with your instincts if an offer raises too many red flags demanding you part with your hard-earned money.
Avoiding Venmo Identity Theft
Scammers phish for personal data to enact wider fraud and identity theft. Minimize exposure by:
- Using an anonymous unique username not tied to your identity.
- Never providing your social security number, passwords, or account details to any unknown entity.
- Refusing to engage with calls/emails requesting remote access to your device.
- Ensuring no sensitive photos or screenshots are accessible if granting Venmo app permissions.
- Only clicking official Venmo links manually typed into your browser – never from texts/emails.
Maintaining strict privacy settings prevents thieves from accessing more personal data than they should.
How to Bolster Venmo Account Security
Take these proactive measures to keep your account and money extra secure:
- Enable a custom PIN code within Venmo to open the app on your device.
- Turn on two-factor authentication via SMS text, email, or phone notification for account logins.
- Frequently change your Venmo password using unpredictable strings of letters, numbers and symbols. Avoid password reuse.
- Closely check yourActivity tab for any payments you don’t recognize and swiftly report unauthorized transfers.
- Only link bank accounts in your name to prevent transfers from unauthorized sources.
Robust authentication protocols and limited account linkages forestall nearly all unauthorized Venmo activity.
Avoiding Cash for Gift Card Scams on Venmo
A pervasive scam directs victims to buy gift cards under false pretenses. Protect yourself by:
- Rejecting any claim you must pay government taxes, lottery winnings, or other fees using gift cards – highly illegal.
- Refusing to send gift card codes to any online contacts who approach you.
- Being suspicious of online romantic interests requesting gift cards early in relationships.
- Never buying gift cards based on phone calls claiming to be from Venmo, the IRS, or other agencies.
- Assuming internet contacts requesting gift cards likely have shady intentions – it’s a very common scam.
Use extreme skepticism before assuming anyone asking for gift card payments online has noble intentions – most are scammers.
Reporting Venmo Scams and Unauthorized Activity
If you encounter suspicious activity, take action by:
- Immediately contacting Venmo support if you mistakenly sent money to a scammer – act fast!
- Reporting concerning activity directly to Venmo through the app – tap the profile icon, then “Report User”.
- Changing your password if account security is compromised and enabling two-factor authentication.
- Filing claims about scams with agencies like the FTC, FCC, and IC3 to aid investigations.
- Notifying your bank immediately if connected accounts show signs of fraud.
Documenting issues helps Venmo shut down scammers and prevents further victimization.
Conclusion
While Venmo provides payment flexibility, criminals exploit its popularity with clever social engineering tactics aimed at siphoning money and data from unsuspecting users. However, applying privacy settings, scrutinizing unusual requests, and reporting suspicious activities allows individuals to tap into Venmo’s convenience without being scammed. Staying informed on the latest techniques keeps your hard-earned money protected.